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Non-Tech : CyBerX
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To: E. Davies who wrote (136)11/10/1999 7:09:00 PM
From: TFF  Read Replies (1) of 212
 
You have just discovered the one weakness of direct order entry. Market makers are extremely difficult to hit (especially if the market is moving against you) The reality is that you must use island or use limit orders outside of the bid/ask to execute quickly. Market makers have all the time in the world to decide who they will fill and when. It s not Cyber - it's the market. Now you know why island orders are sometimes going off 1/2 or 1 pt outside the bid/ask.

On the other hand Brown and Co sends its order to be executed by the market maker in exchange for payment for order flow. This gives the market maker liquidity in house to fill orders against its position in the market(like the one that was filled for you)

Sometimes it workes against you but sometimes the market maker is on the wrong side and you can get much MUCH better fills than current bid/offer.

2 sides to every coin;)
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